HB 331 First-time home buyer savings plans; established.
Thomas A. "Tag" Greason | all patrons    ...    notes
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Summary as passed House: (all summaries)

First-time home buyer savings plans. Establishes first-time home buyer savings accounts that are to be used for saving funds for the purchase of homes by first-time home buyers. Moneys in the account are required to be used solely for the down payment and closing costs for the purchase of a home by a first-time home buyer. The bill establishes an individual income tax subtraction for income earned on contributions to the account. However, if moneys are withdrawn from the account for purposes other than to pay eligible costs, any income previously subtracted would be subject to recapture by the Commonwealth and a five percent penalty would be imposed. There would be no recapture and addition to taxable income if the amounts withdrawn were (i) withdrawn because of the death or disability of the account beneficiary, (ii) a disbursement of assets pursuant to a filing for protection under federal bankruptcy laws, or (iii) transferred to another first-time home buyer savings account. The bill limits the amount of principal that can be contributed to any account to $50,000 and limits the total amount that can be retained in an account at any time to $150,000. Persons would be allowed to contribute only cash or marketable securities to a first-time home buyer savings account. This bill as introduced was a recommendation of the Virginia Housing Commission.

Full text:
01/02/14  House: Prefiled and ordered printed; offered 01/08/14 14102606D  pdf | impact statement
02/03/14  House: Committee substitute printed 14104599D-H1  pdf | impact statement
03/04/14  House: Bill text as passed House and Senate (HB331ER)  pdf | impact statement
04/06/14  Governor: Acts of Assembly Chapter text (CHAP0729)  pdf

Status:
01/02/14  House: Prefiled and ordered printed; offered 01/08/14 14102606D
01/02/14  House: Referred to Committee on Appropriations
01/10/14  House: Assigned App. sub: Agriculture, Commerce, Technology and Natural Resources
01/29/14  House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
02/03/14  House: Reported from Appropriations with substitute (22-Y 0-N)
02/03/14  House: Committee substitute printed 14104599D-H1
02/05/14  House: Read first time
02/06/14  House: Passed by until Monday, February 10, 2014
02/10/14  House: Read second time
02/10/14  House: Committee substitute agreed to 14104599D-H1
02/10/14  House: Engrossed by House - committee substitute HB331H1
02/11/14  House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/11/14  House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
02/12/14  Senate: Constitutional reading dispensed
02/12/14  Senate: Referred to Committee on Finance
02/25/14  Senate: Reported from Finance (12-Y 4-N)
02/26/14  Senate: Constitutional reading dispensed (38-Y 0-N)
02/27/14  Senate: Read third time
02/27/14  Senate: Passed Senate (39-Y 1-N)
02/27/14  Senate: Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
02/27/14  Senate: Passed Senate (39-Y 1-N)
03/04/14  House: Enrolled
03/04/14  House: Bill text as passed House and Senate (HB331ER)
03/04/14  House: Signed by Speaker
03/07/14  Senate: Signed by President
04/06/14  Governor: Approved by Governor-Chapter 729 (effective 7/1/14)
04/06/14  Governor: Acts of Assembly Chapter text (CHAP0729)